【摘要】：本文研究了2002-1010年在上海證券交易所和深圳交易所上市的除金融行業(yè)以外的A股企業(yè),借鑒Michael Firth(2012)研究中國制造業(yè)上市企業(yè)投資-現(xiàn)金流關(guān)系時使用的方法,旨在考察投資-現(xiàn)金流U型曲線關(guān)系是否在中國所有行業(yè)的上市企業(yè)中存在。本文的實(shí)證結(jié)果發(fā)現(xiàn),中國所有行業(yè)上市企業(yè)的投資-現(xiàn)金流關(guān)系是呈U型曲線的,且國有控股企業(yè)的投資-現(xiàn)金流敏感度大于非國有控股企業(yè)的投資-現(xiàn)金流敏感度,尤其是在企業(yè)現(xiàn)金流為負(fù)的時候,并發(fā)現(xiàn)其原因是國有控股企業(yè)的融資約束程度小于非國有控股企業(yè)。此外,貨幣政策對企業(yè)投資會產(chǎn)生影響,貨幣緊縮時,國有控股企業(yè)的投資減少小于非國有控股企業(yè)；貨幣擴(kuò)張時,國有控股企業(yè)的投資顯著增加,而非國有控股企業(yè)的投資沒有明顯的增加,進(jìn)一步說明了國有控股企業(yè)之所以具有更高的投資-現(xiàn)金流敏感度是因?yàn)閲锌毓善髽I(yè)的融資約束程度小于非國有控股企業(yè)。
[Abstract]:This paper studies the A-share enterprises listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2002 to 1010, and uses Michael Firth (2012 for reference to study the investment-cash flow relationship of Chinese manufacturing listed enterprises. The purpose of this paper is to investigate whether the U-shaped curve of investment-cash flow exists in listed enterprises in all industries in China. The empirical results show that the relationship between investment and cash flow of listed enterprises in all industries of China is U-shaped, and the sensitivity of investment-cash flow of state-owned holding enterprises is higher than that of non-state-owned holding enterprises. Especially when the cash flow of the enterprise is negative, the reason is that the degree of financing constraint of the state-owned holding enterprise is less than that of the non-state-owned holding enterprise. In addition, the monetary policy will have an impact on the investment of enterprises, and the investment of state-owned holding enterprises is less than that of non-state-owned holding enterprises during the monetary tightening. During the monetary expansion, the investment of state-owned holding enterprises increased significantly, but the investment of non-state-owned holding enterprises did not increase significantly. Furthermore, the reason why the state-owned holding enterprises have higher investment-cash flow sensitivity is that the degree of financing constraints of the state-owned holding enterprises is less than that of the non-state-owned holding enterprises.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F275;F224

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